According to a Dow Jones report yesterday afternoon, one of the founding investors in First Solar Inc. (FSLR: sentiment, chart, options) has significantly reduced its stake in the company. JCL Holdings LLC, an affiliate of John T. Walton's estate, dropped its investment from 12.1 million shares to 10.7 million shares during the first 2 weeks of August. Walton, heir to the Wal-Mart Stores (WMT) empire, controls about 28% of FSLR shares through his estate, and his stake through JCL Holdings now amounts to 13%.

The reduced stake could be a simple matter of profit-taking, as FSLR trades at a premium of about 1,300% to its IPO price of $20. Lately, though, the stock's momentum has slowed. Since April, First Solar shares have meandered sideways between the 250 and 300 levels, and the stock's year-to-date gain is a modest 2.2%.

Another of FSLR's founding investors, CEO Michael Ahearn, also reduced his stake in the company this year. During the first half of 2008, Ahearn unloaded 25% of his FSLR shares, and now holds just over 3 million (a stake of 3.8%). After Walton and JCL, the chief executive is the next largest insider shareholder.

So far, investors aren't following the profit-taking cue from insiders -- FSLR is up nearly 3% this afternoon, though it's still comfortably within its recent trading range as it hovers near $280.